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BudgIT Nigeria Profile picture
@BudgITng
Aug 18, 2020 • 5 tweets • 3 min read • Read on X
We commend @NNPCgroup for joining the @EITIorg as a partner company!

This is a laudable step towards adopting best practices for transparency by the agency.

We will be looking out for @NNPCgroup's activities in line with its new status as a member of @EITIorg.

Thread!
As a partner company, @NNPCgroup is expected to

1. Publicly declare support for the @EITIorg Principles, and by promoting transparency throughout the extractive industries, help public debate as well as provide opportunities for sustainable development.

#FixOurOil
2. Publicly disclose taxes & payments

3. Ensure comprehensive disclosure of taxes and payments made to all EITI implementing countries

4. Publicly disclose beneficial owners & take steps to identify the beneficial owners of direct business partners, including JVs & contractors
5. Engage in rigorous procurement processes, including due diligence in respect to partners & vendors.

6. Deliver natural resources in a manner that benefits societies and communities.

#FixOurOil
7. Ensure that company processes are appropriate to deliver the data required for high standards of accountability.

#FixOurOil

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More from @BudgITng

BudgIT Nigeria Profile picture
Aug 26
Hello Nigerians,

According to the 2023 Fiscal Accounts Report of the Accountant General of the Federation, Nigeria's Federal Government made a revenue of N5.99tn, spent N19.50tn, and recorded a deficit of N13.50tn—225% of the total revenue.

What does this mean? The government spent more than three times what it earned in revenue

Thread!
#AskQuestions
#BIR2023Image
Where did the revenue come from?

N3.80 trillion came from the Federation Account Allocation Committee (FAAC), FG share of independent revenue raked in N1.98tn, the FG share of the Federation Account contributed N2.39tn, exchange rate differences was N715.75bn, while VAT added N441.87bn.Image
How was the money spent?

Debt servicing accounted for 43.9% of the budget at N8.56tn—the largest single expense. Non-debt spending took up 27.8% at N5.42tn, while capital expenditure was 23% at N4.49tn. Image
Read 4 tweets
BudgIT Nigeria Profile picture
Jun 28
🗣️🗣️ It is worrisome that the Federal Government is drafting a 2024 Supplementary Budget to be implemented alongside the 2023 Approved Budget, 2023 Supplementary Budget, and 2024 Approved Budget.

FOUR budgets at once—an unprecedented anomaly.

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Press Statement!
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Recall that the 2023 Approved Budget of N21.83 trillion, signed into law by President @MBuhari in January 2023, was designed to run for 12 calendar months from January to December, as is the practice globally.
In addition, while the 2024 Appropriation Bill was being drafted, the 2023 Supplementary Budget of N2.17 trillion was passed by the National Assembly and assented to by President @officialABAT barely two months before the end of the 2023 fiscal year.
Read 7 tweets
BudgIT Nigeria Profile picture
May 3
Hello Nigerians, our extensive analysis of the 2024 FG Budget is finally out!

Details?

The Budget is anchored on N28.78tn in total expenditure & N19.60tn in revenue, a Debt service of N8.27tn, Recurrent (Non-Debt) expenditure of N8.77tn, & Capital expenditure of N10tn.

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The fiscal deficit is currently N9.18tn. The projected deficit represents about 50% of the federal government’s expected revenue and 3.88% of the projected GDP.

#2024BudgetNG
A look at the sector allocations shows the highest share of the total budget going to Security and Defense (13.38%), followed by Education (8.21%), Infrastructure (6.63%)…

#2024BudgetNG
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Read 9 tweets
BudgIT Nigeria Profile picture
Mar 13
🗣️🗣️ Hello Nigerians,

Our findings on Senator Ningi’s allegations of N3.7 trillion budget padding for 2024 budget shows that a breakdown of N25.4tn was provided for the budgets of the Ministries, Departments and Agencies…

Thread!
#AskQuestions
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…while the comprehensive budget breakdown of GOEs, @nassnigeria, National Judicial Council, Public Complaints Commission, INEC, and TETFUND totaling N3.32tn was excluded from the budget that was passed and published.
This does not mean the country operates two separate budgets.

There’s only one final 2024 budget known to us.

However, the summary budget of the aforementioned agencies was passed by the National Assembly and included in the published approved budget.
Read 5 tweets
BudgIT Nigeria Profile picture
Feb 12
🗣️ @BudgITng's State Fiscal Transparency League project reveals findings on Nigeria's procurement websites👇

- 7 states have functional e-procurement portals with accessible data
- 16 states have portals, but data isn't up to date.
- 13 states lack both portals & data.

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BudgIT, under its State Fiscal Transparency League project, has extensively assessed the procurement websites of Nigeria’s 36 states to evaluate the level of transparency and accessibility of procurement-related information to the public. #SFTLProject #AskQuestions
The assessments, categorized into three categories—Green, Yellow, & Red—are as follows: green indicates that a state’s e-procurement portal is operating and data is available;

#SFTLProject #AskQuestions
Read 11 tweets
BudgIT Nigeria Profile picture
Dec 11, 2023
🗣️ 2024 Budget Proposal: BudgIT Highlights Alarming Issues, Discrepancies, Calls for Urgent Review.

Having reviewed the proposed 2024 Appropriation Bill breakdown, it’s unfortunate that the @officialABAT administration has continued with some harmful budget practices from previous regimes that have fostered corruption, underdevelopment, unemployment, and multidimensional poverty.

PRESS STATEMENT
Thread!
#Budget2024NGImage
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In August 2023, we itemized ten plagues that the Tinubu administration should avoid in the 2024 budget and budget process to ensure value for money, curb expenditure inefficiency and waste, enforce accountability, and put Nigeria on the pathway of prosperity, economic growth, and development.
Unfortunately, having reviewed the proposed 2024 Appropriation Bill breakdown, we observed that the Bola Ahmed Tinubu administration has continued with some deleterious budget practices from previous regimes that have fostered corruption, underdevelopment, unemployment, and multidimensional poverty.
Read 6 tweets

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